Reference no: EM132928359

Question - John Stockton opened Jazz Co. Below are the transactions for the company's first month of operations.

Transactions for the month of June:

Jun 1. John invested $25,000 cash and a personal vehicle with a fair value of $40,000 into the business.

Jun 4 Received $50,000 cash for services provided.

Jun 7 Received $6,000 cash for services to be provided next year.

Jun 10 Paid a subscription fee of $12,000 for the upcoming year.

Jun 12 Paid $11,500 cash to reduce the balance of accounts payable.

Jun 15 Paid employees' wages of $39,000.

Jun 18 Paid $1,750 interest on the note payable.

Jun 23 Received a telephone bill for $2,750 which will be paid next month.

Jun 25 Recorded business travel expenses worth $21,500 which will be paid next month.

Jun 30 purchased $1600 of supplies for cash.

REQUIRED -

1. Journalize the transactions using proper bookkeeping format. Use the general journal on the following pages.

2. Post only the cash transactions to the general ledger.